South African police probing three criminal cases against Steinhoff

South Africa’s elite police unit, the Hawks are investigating three criminal cases against crisis-hit Steinhoff International, a senior official at the unit told parliament on Wednesday.

Reuters

Steinhoff, which has more than 40 retail brands that include Conforama and Poundland, is in a fight for survival after admitting “accounting irregularities” in December, wiping about 85 percent off its market value and triggering a liquidity crisis.

Archives Steinhoff

Steinhoff said on Thursday that the High Court of Justice in England and Wales had granted permission to its subsidiary, Stripes U.S. to convene a meeting with creditors about a proposed restructuring.